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Macroeconomics II

Macroeconomics II

En pratique :

Volume horaire de cours : 36
Volume horaire global de TD : 16
Langue principale : Anglais

Description du contenu de l'enseignement

The course examines the long run over which prices are flexible. The aims of this course are to give students the background they need to understand the broad movements in the global economy. Key topics include long-run economic growth, technological change, inflation and money, international trade, and exchange rates.
Chapter 0 introduces the last key data of macroeconomics, emphasizing the unemployment rate.
Chapter 1 presents the basic classical model of national income. In this model, the factors of production and the production technology determine the level of income, and the marginal products of the factors determine its distribution to households.
Money and the price level are introduced in Chapter 2. Because prices are assumed to be fully flexible, the chapter presents the prominent ideas of classical monetary theory: the quantity theory of money, the inflation tax, the Fisher effect, the social costs of inflation, and the causes and costs of hyperinflation. In Chapter 3 we start with a quick look at the stylized facts of economic growth over time and across countries. The goal of the first chapters is to understand what causes the observed differences in income over time and across countries. Chapter 4 introduces the most basic model of growth (the Solow growth model) as a description of how the economy evolves over time. This chapter emphasizes the roles of capital accumulation and population growth. The study of open-economy macroeconomics begins in Chapter 5. This chapter presents models to explain the trade balance and the exchange rate. Various policy issues are addressed: the relationship between the budget deficit and the trade deficit, the macroeconomic impact of protectionist trade policies, and the effect of monetary policy on the value of a currency in the market for foreign exchange.

Required textbook

Reading the chapters of the book is mandatory. The books are available at the library.
Mankiw – G Principles of Macroeconomics Macroeconomics (2013) (7th edition) - Worth Publisher
Other references
Blanchard Olivier, (2013) Macroeconomics Sixth edition Pearson international edition
Jones, Charles, (2011), Macroeconomics, W.W. Norton & Company.
Miles David, Andrew Scott, Francis Breedon (2012) Macroeconomics - Understanding the Global Economy, 3rd Edition

Planned schedule

  • Chapter 0. Data on unemployment (One course) (chapter 2 in Mankiw’s book)
  • Chapter 1. National Income: Where it Comes From and Where it Goes (4 courses) (chapter 3 in Mankiw’s book)
  • Chapter 2. Money and prices (3 courses) (chapter 4 in Mankiw’s book)
  • Chapter 3. Production and economic growth (chapter 4 in Jones’s book 3 courses)
  • Chapter 4. Saving, Capital accumulation, and output (4 courses) (chapter 7 in Mankiw’s book
  • Chapter 5. The open economy (3 courses) (chapter 5 in Mankiw’s book)